Re: Pretty large problem -

My real estate agent, AKA the only person on the ball in my entire house-buying experience, is calling a good friend of his who works at wells to dig into this and see if it is just incompetence on the part of the douches who handled our file. Because, to be honest, from day one - not the best! They lost things, had no information for us, wouldn't get back to us on things, took FOREVER to do anything, etc.

So, he is going to have his guy - who is very experienced see if he can do anything. In the meantime, the lawyer is asking for an extension while the new mortgage guy works on things for us as fast as he can. I told the new guy that this other person at Wells that my RE knows is going to look into things -- even he said he does not understand why they wouldn't give us the green light. That something must be wrong.

Message edited 4/8/2010 8:41:49 AM.

Re: Pretty large problem -

Ughhh I am so sorry that happened to you!

I dont get the tenure thing at all- there are no guarantees! We got a mortgage and 9 months later my husband got laid off from his IT jobs- and this is after the company wrote a letter that they were in good standing and his job was secure

I'm really sorry that this happened to you but I feel like they are discriminating against you because your dh is a teacher- there is no other career that has tenure and no other would be required to get a mortgage- I'm not a lawyer- but this sounds sue-worthy to me I hope it works out for you guys!

Re: Pretty large problem -

Who has a guaranteed job for the next 3 years? That is ridiculous. Maybe teh President or an elected official with a 4 year term, thats really all I can think of. This almost sounds like discrimination to me...

Re: Pretty large problem -

I had to jump through hoops for my mortgage company - I think I even promised them my 2nd born child!! It's CRAZY what you have to go through for the mortgage company but, like you said, in this economy it is what it is. I hope things work out for you. All the stress will be forgotten when you're sitting in your new home :)

Re: Pretty large problem -

It's amazing how Wells has gotten stricter in the matter of months. One of my best friends and I both did our mortgages there. Yes we jumped hoops, and I do recall her husband having to get a letter from his district. They did it for him, but like I said that was months ago. Now it's a worse time in the economy and budget cuts to schools, so I can see why Wells has gotten tighter. They are a great company, it's a shame they won't write you a mortgage. But everything happens for a reason, so as long as the seller is ok with waiting then you are fine. I know it stinks when you are ready to move in, decorate and get on with it, but it will happen. Stay calm. It will be worth it in the end for sure !

Re: Pretty large problem -

Wells was very strict with us and needed a copy of DH's contract with his job, even though they can still layoff!

I know wells has a very strict policy on having the same job for the last 2 years at the very least, and I think Vinny has only had that job 1 year right? Its still not fair at all!! I cannot believe it took them all this time and a commitment letter to tell you this! did you lawyer say you had a re-course towards them? I thought a commitment letter meant they would give you a mortgage!!!

but remember, everything happens for a reason, and it always works out in the end!!

I can't see why the seller would not extened the contract time because she loves you guys! besides, 6 weeks is still much quicker then re-listing and finding another buyer!

What happens if she chooses not too? I know our contract said they kept our down payment

hang in there it will work out

Re: Pretty large problem -

yeah, vin is just a first year teacher.

but, unlike me and a lot of people, vin has a back-up plan if he can't (for some reason) continue being a science teacher. he manages the car wash for his father if he's not teaching. so it's not like he would be straight up out of work. they said that 'doesn't count'.

anywho, our contract states that if we walk away and say, 'we just don't want to buy it' or 'we like this house instead' they keep the deposit money. however, if we are denied a mortgage then the money comes back to us.

so, we would be ok in that case - i was worried about that at first.

i really don't want it to come to that - i'm hoping, like you think, that she'll be easy going and agree to extend it.

we'll see.

Re: Pretty large problem -

This seems odd to me too, it seems like they are just using that as an excuse to hold things up. We closed with Wells 2 months ago, and I am a substitute teacher and am not guaranteed work everyday and that wasn't a problem-but what was a problem was that DH works for his fathers business, and they needed to see his Dad's tax returns for the last 3 years-isn't that crazy. It's like if you work for Walmart, asking them for their tax information. Uhh, so annoying, I am sorry your going through this. Supposedly Astoria is really quick, if you need someone else. Hope this gets settled soon!